GLOBAL WINCO., a wholly-owned subsidiary of Shanhawk International, reached an agreement with Verso to acquire the company in Wickliffe, Kentucky, USA, for $16 million on the afternoon of August 16. (Wickliffe, Kentucky) factory.
Eagle Eagle International wholly-owned subsidiary bought a US paper mill for $16 million.
The Wickliffe plant has been operational since the end of 1960s. In 2014, Verso paper bought the plant from NewPage. The plant covers 2,330 acres, including a timber mill, a pulp production line and a paper machine. It can produce 285,000 tons of high-grade copper paper and 30,000 tons of commercial pulp annually.
Due to poor management, the plant closed in November 2015, cutting more than 300 workers, and officially closed in 2016 until today.
The plant will be GlobalWin's first U.S. plant, and Shanying International's first U.S. production base. After the acquisition, Shanying International will transform the production line to produce pulp and wrapping paper, and create about 500 jobs.
Shanying International's overseas expansion first came into view in July 2017 when it bought 100% of Nordic Paper Holding AB, a Nordic paper company, for 2.4 billion Swedish kronor ($1.952 billion), the first Chinese company to buy a paper mill in a European Union country. The acquisition also met the company's expectations, with an unaudited net profit of 15,6353,000 yuan from January to June 2018.
In June 2018, Cycle Link International, a wholly owned subsidiary of Shanying International, acquired the Dutch Renewable Resources Recycling Company (WPT) to strengthen its recycling capacity in Europe.
Plus, with the U.S. acquisition, Shan Ying International has completed an important overseas acquisition almost every two months this year, and the speed and ability to shock the world's paper industry.